The CEO of the Abu Dhabi National Energy Company (TAQA) has said that the 75% state-owned energy company is still on target to hit its US$1 billion spend target for the fourth quarter of 2009.
Reuters reported that Peter Barker-Homek said that TAQA was in acquisition talks with three firms from both the mid and downstream sectors.
“We are working on a number of transactions and that will get me to meet the target. We are working on three targets,” Barker-Homek told Reuters.
“We are emphasising on downstream, gas and transmission business,” he added.
The company has been on a spending spree during 2009 although most of the completed transactions have been in the upstream sector. Barker-Homek said that TAQA wants balanced growth so was aiming for 40% upstream, 40% downstream and 20% midstream.
TAQA has spent $1.5 billion on a number of ventures including splashing out $415million for North Sea operator DSM Energie from the Netherlands.
